corporate presentation - api.mziq.com
TRANSCRIPT
Corporate PresentationSeptember, 2020
Disclaimer
Such statements are based on the beliefs and assumptions of our Management as well as on information currentlyavailable to CIELO. Forward-looking statements include information regarding our current intentions, beliefs orexpectations, in addition to those of the Company’s Board of Directors members and Executive Officers.
Forward-looking statements also include information regarding our possible or assumed future operating results, as wellas statements preceded or followed by, or that include the words “believes“, “may", “will”, “continues”,"expects", “anticipates", “intends”, "plans", "estimates“ or similar expressions.
Forward-looking statements are not guarantees of performance. They involve risks,
uncertainties and assumptions, for they relate to future events, thus depending on
circumstances that may or may not occur. Our future results and the creation of value to
shareholders may differ significantly from those expressed in, or suggested by, these
forward-looking statements. Many factors determining these results and values are beyond
CIELO’s ability to control or predict.
CIELO makes forward looking statements that are subject to risks and uncertainties
2
Market Leader
3
#1
MERCHANT ACQUIRER AND PAYMENT PROCESSOR IN BRAZIL AND LATIN AMERICA
+9%** BRL 11.3 BILLION*
OF GDP CAPTURED THROUGH CIELO´S NETWORK
MARKET CAP – AMONG 40 LARGEST IN BM&FBOVESPA
3*Closing date: 09/30/2020.
**Based on 2019 brazilian GDP released by IBGE (Brazilian Institute of Geography and Statistics).
Substitution of Cash and Checks
4
PCE – Private Consumption Expenditure
Card Expenditure*
Financial Volume (R$ billion)
16,1%17,7%
19,1%20,8%
22,8%24,1%
25,5% 25,8%27,8% 28,4% 29,0% 29,5%
31,2%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1.6291.857
2.0642.341
2.6372.950
3.2763.742 3.831 4.007 4.194
4.4584.712
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
262329
394487
601710
837964
1.0651.137
1.2161.314
1.468
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
* Excluding Private Labels.
Source: IBGE ,ABECS.
4
Financial Volume (R$ billion)
Card Expenditure over PCE * (%)
Strategic Planning
5
Cielo has been active to be well positioned to capture new avenues of growth
5
July
2014
30% stake in
Stelo
Creation of
Cateno between
Cielo e Banco do
Brasil
Launching of
Cielo Mobile
Chip & Pin
November
2014
December
2010
March
2012
May
2011September
2012
October
2013
June
2020
June
2015
Launching of
WhatsApp Pay
(under
evaluation
Bacen & CADE)
Acquisition of
Braspag
Partnership with
Dotz
Partnership with
CyberSource
Acquisition of
MeS
Partnership
with Smiles
August
2015
Cielo holds a
91.44% stake
of M4U
November
2010
Launching of
Cielo Mobile
April
2016
Launching of
Cielo LIO
August
2017
Launching of
Cielo LIO V2
January
100% stake in
Stelo
September
2018
Launching of
Cielo QR Code
and LIO+
2018
August
2019
Launching of
Cielo Pay
Manage your business better
PrepaymentAnti
fraude ICVACielo Farol
Conciliator Cielo Store
Payment through:
Selling more
POS Sales Model
The best solution for the business: accepts payments of all kinds in a simple and secure way, without losing sales.
CIELO HAS THE MOST COMPLETE PORTFOLIO
Promo
Recharge
Currency converter
Client Installment
Tradicional POS’s
+ 80 brands
SmartTerminals E- commerce Don´t stop selling!
6
Current account
Saving account
Prepaid card
Digital account
Quick mantainance
Chat online
App Cielo
Call Center 24h
Stores
Payment by link
Virtual Store
Cielo Check-out
API e-commerce
QR Code
DigitalTransformation
Cielo’s Broad Retail Index (ICVA)
7
DIFERENCIAL
Territorial coverage of 99% of the
country
Scope sized companies: from small retailers to
large retailers
Based on actual information
and not in sample surveys
Dynamic model, based on the actual mix of each
sector in the economy
Over 20 economic sectors, including services (eg: airlines, restaurants and e-commerce)
Improved disclosure
7
Source: Cielo
-30.5%
3.6%
5.2%
jun-19
-35.2%
3.9%
-10.5%
nov-19
2.3%
-29.5%
-11.7%
4.9%
jun-20
7.6%
sep-19
4.6%
6.6%
2.1%
4.8%
5.7%
apr-20
3.1%
feb-20
1.4%
aug-19
5.8%7.0%
6.9%
-22.9%
4.8%
-19.9%
5.6%
oct-19
-7.9%
6.3%
7.6%
-36.0%
6.1%5.2%
4.3% 2.6%
6.1%7.5%
2.5%
dec-19
6.9%
-9.7%
jan-19
2.6%
9.1%
5.2%
3.7%
may-20
-12.5%
mar-20
-24.9%
-36.5%-37.1%
-28.3%
-29.4%
-23.8%-24.1%
-18.6%
-20.7%
-19.4%
jul-20 aug-10 sep-20
-12.6%
-15.1%
-9.9%
-12.5%
-3.5%-3.0%
-7.4%
Nominal ICVA
Deflated*ICVA
Nominal ICVA with Calendar Adjustment
Deflated*ICVA with Calendar Adjustment
67.0
Transaction Financial Volume
8
67.0
104.8
57.274.9
70.8 90.7
171.7128.0
165.6
-4% +29%
Debit
Credit
2Q20 3Q203Q19
AnnualEvolution(R$ billion)
626.5
364.4
205.0
312.6 329.3
255.6227.6
320.5
281.5
344.1
683.1
262.1271.6
411.6
517.6 548.2584.9
625.6
2018 20192016 201720152014
QuarterlyEvolution(R$ billion)
Number of Transactions
9
AnnualEvolution(million)
1,783.1
1,237.01,537.7
842.7
940.4
541.5
695.5
656.3
881.4
-14% +24%Debit
Credit
2Q20 3Q203Q19
2,886.42,772.02,525.0
3,134.03,959.03,536.9
2,662.8
4,437.6 3,890.9
3,049.0
3,831.2
3,309.0
5,659.06,199.7
7,140.26,731.0
7,324.06,939.9
2018 20192016 201720152014
QuarterlyEvolution(million)
Net Operating Revenue
10
2,801.02,450.1
2,882.4
+3% +18%
2Q20 3Q203Q19
7,725.6
11,122.3 11,685.812,300.8 11,600.3 11,353.8
2018 20192016 201720152014
CAGR: 0.5%
AnnualEvolution(R$ million)
QuarterlyEvolution(R$ million)
Purchase of Receivables
11
CAGR: 2.0%
17.6
4.75.5
-73% -14%
16.8%
7.7%
5.2%
2Q20 3Q203Q19
59.463.262.0 66.756.1
67.2
18.4%16.5%16.3%
20.3%17.9%
19.4%
% Purchased Receivables over Total Credit Volume
Financial Volume of Purchase of Receivables
AnnualEvolution(R$ million)
QuarterlyEvolution(R$ million)
2018 20192016 201720152014
EBITDA
12
CAGR: -12.9%
723.6
480.0
236.0
-34% +103%
9.6%
25.8%
16.7%
EBITDA
2Q20 3Q203Q19
5,535.1
3,838.95,233.5 5,277.9
4,634.8
2,992.0
47.1%49.7%
45.0%39.7%
45.5%
26.5%
EBITDA Margin %
2018 20192016 201720152014
AnnualEvolution(R$ million)
QuarterlyEvolution(R$ million)
Net Result
13
CAGR: -18.1%
100.4
352.9
-75.2
-72% n/a
3.5%
12.6%
-3.1%
Net Result
2Q2O 3Q203Q19
3,219.84,056.1
3,511.4 3,140.14,005.5
1,546.1
32.6%
41.7%
31.6%35.0%
15.7%
28.7%
Net Result Margin %
2018 20192016 201720152014
AnnualEvolution(R$ million)
QuarterlyEvolution(R$ million)
Note: for 2018 and 2019 COSIF criteria was considered
Leader in a growing market
Strong balance sheet, high cash generation and low capex requirements
Minimum dividend payout of 30% of net profit* distributed annually
Focus on innovation, diversificationand continuous growth
* After constitution of legal reserve of 20% of the Company´s capital stock
INVESTMENT HIGHLIGHTS
1414
ADR
15
Cielo has a sponsored Level I ADR
Ticker: CIOXY
ADR Ratio (ADR:ORD): 1:1
Depositary bank: o JP Morgan Chase Bank NA.
Depositary bank contacts:
ADR broker helpline:
Tel: +1 800 990 1135 (USA)
Tel: +1 651 453 2128 (from other location)
P.O. Box 64504, St. Paul, MN 55164-0504
ADR website: https://www.adr.com
Depositary bank’s local custodian: Banco Bradesco
Appendix
16
Brazilian Acquiring Market Timeline
17
RedeCard’sIPO
2007
Stone’sFoundation
2012
Cielo’sIPO
2009
RedeCard’sTender Offer
2012
GetNet’sacquisition bySantander
2014
PagSeguro starts sellingPOS
2014
Brand’sMultivanbeginning
2015
Brand’sacquiringmonopoly ends
2014
Pagseguro’sIPO
2017
Brand’s full-acquiringbegins
2017
Stone’sIPO
2018
Visa and Master acquiring monopoly ends
2010
Source: Revista EXAME
Capital Ownership
18
28.6%0.4%
40.9%
30.1%
TesourariaBanco Bradesco
Em CirculaçãoBanco do Brasil
*Tempo Serviços LTDA is a Bradesco subsidiary company which started envisaging Ciel3 on its investment portfolio.
Shareholding
Structure
Ordinary
Shares%
Controlling Shareholders 1,594,957,131 58.707
Banco Bradesco 816,637,079 30.06
Columbus Holdings SA 778,319,884 28.65
Tempo Serviços LTDA 38,317,195 1.41
Banco do Brasil 778,320,052 28.65
Treasury 9,661,292 0.35
Free Float 1,117,762,356 40.94
Total 2,716,815,061 100.00
Brazil | Economic Scheme
19
Gross MDR
Net MDR Interchange Fee
The brand defines the interchange fee.
The acquirer negotiates the gross MDR with the merchant.
ISSUER
CARD HOLDER
BRAND
MERCHANTS
ACQUIRER
Brazil | MDR* and Interchange Fee Evolution
20
Market Credit Gross MDR Evolution (%)
4Q104Q09 4Q12
1.651.70
4Q11 4Q13 4Q15 4Q16 4Q17 4Q18
1.42
2.96
1.54
2.83 2.79 2.78
1.27
2.77
4Q14
2.75
1.28
2.69 2.57 2.48
1.681.54 1.60
1.29
1.51 1.51 1.66
1.11
1.66
1.18 1.05 1.04 0.880.89
2.84
Market %Credit Net MDR
Market %Credit Interchange Fee
Evolução do MDR Bruto do Mercado - Débito (%)
4Q09 4Q144Q134Q10 4Q11 4Q12 4Q16 4Q17 4Q18
1.61
0.68
1.57 1.571.59 1.59 1.59 1.52 1.51 1.46
4Q15
0.79
0.82
0.78
0.79
0.75
0.84
0.75
0.84
0.80
0.77
0.82
0.77
0.83
0.69
0.83
0.78
0.580.82
0.64
1.36
Market %Debit Net MDR
Market %Debit Interchange Fee
*MDR: Merchant Discount Rate
Source: Central Bank.
Evolução MDR* Líquido – Brasil
21*MDR: Merchant Discount Rate
Source: Central Bank.
Market Net MDR Evolution (%)
4Q09 4Q164Q10 4Q11 4Q12 4Q154Q13 4Q17
1.27
4Q18
1.05
1.42
0.82
1.29
0.79
1.28
0.84 0.84
1.11
0.77
1.18
0.77
0.690.64
1.04
0.68
0.89 0.88
0.78
4Q14
-16%
+14%
Market %Credit Net MDR
Market %Debit Net MDR
Market Share TOP 6
22
6.9%
4.3%
49.8%
7.9%
411,713
3.7%
3Q17
6.5%
48.1%
30.3%
11.8%
13.4%
1.8%
30.0%
4.4%3.8%
4Q17
42.3%
6.1%
46.3%
30.0%
41.7%
5.0%
1Q18
7.2%
44.6%
5.0%
13.0%
5.5%
2Q18
42.8%
30.4%
5.6%7.1%
13.3%
3Q18
41.2%
31.1%30.1%
6.0%
4Q18
12.7%
6.5%
7.1%
40.0%
41.8%
29.3%
12.0%
7.7%
2Q19
12.6%
1.7%
3Q19
29.8%
12.8%
1.7%
8.5%
4Q19
38.3%
8.3%
29.2%
14.2%
338,587
7.6%1.7%
28.9%
9.0%
1Q20
35.8%
28.7%
14.7%
10.7%
12.4%
2Q20
11.2%
26.9%
317,634
9.2%
357,204
329,508
359,610
409,600
1Q19
389,187
475,614
417,418
357,175
3Q20
487,453
14.3%
1.6%
14.1%
34.0%
30.2%
375,346
18% 36.5%PagSeguroCielo
VeroRede
StoneGetnet
Source: Quartely earnings release (Cielo, Rede/Itaú, Santander, PagSeguro, Stone and Banrisul); Cielo´s Analysis.
Cateno
23
* Amortization of R$11.6 billion in intangible assets within 30-year term.
Income Statement
R$ million 3Q20 3Q19 Var. % 2Q20 Var. %
Gross operating revenue 754.9 772.7 -2.3% 562.3 34.3%
Taxes on services (83.6) (85.5) -2.2% (62.3) 34.2%
Net operating revenue 671.3 687.2 -2.3% 500.0 34.3%
Total cost + expenses (565.8) (469.1) 20.6% (436.4) 29.7%
Total costs (442.9) (423.3) 4.6% (366.5) 20.8%
Cost of service rendered (346.0) (326.7) 5.9% (269.6) 28.3%
Depreciation and amortization (96.9) (96.6) 0.3% (96.9) 0.0%
Gross income 228.4 263.9 -13.5% 133.5 71.1%
Operating expenses (122.9) (45.8) 168.3% (69.9) 75.8%
Salaries / Wages and benefits (19.9) (18.0) 10.6% (18.2) 9.3%
General and administratives (7.7) (7.4) 4.1% (7.2) 6.9%
Sales and Marketing expenses 0.1 (0.7) n/a (0.1) n/a
Other operating ( Expenses) income, net (95.0) (19.4) 389.7% (44.0) 115.9%
Depreciation and amortization (0.4) (0.3) 33.3% (0.4) 0.0%
Operating income 105.5 218.1 -51.6% 63.7 65.6%
EBITDA 202.8 315.0 -35.6% 161.0 26.0%
EBITDA Margin 30.2% 45.8% -15.6pp 32.2% -2.0pp
Financial income 16.5 32.0 -48.4% 16.7 -1.2%
Financial revenue 16.9 32.8 -48.5% 17.3 -2.3%
Financial expenses (0.4) (0.8) -50.0% (0.6) -33.3%
Income before income tax and social contribution 122.0 250.1 -51.2% 80.4 51.7%
Income tax and social contribution (41.8) (84.8) -50.7% (27.4) 52.6%
Current (77.8) (90.7) -14.2% (15.8) 392.4%
Deferred 36.0 5.9 510.2% (11.6) n/a
Net income 80.2 165.3 -51.5% 53.0 51.3%
Net margin 11.9% 24.1% -12.1pp 10.6% 1.3pp
Attributed to Cielo 56.2 115.7 -51.4% 37.1 51.5%
Atributted to non Cielo interest 24.0 49.6 -51.6% 15.9 50.9%
Cateno
Numbers 3Q20
24
Income Statement
R$ million 3Q20 3Q19 Var. % 2Q20 Var. % 3Q20 3Q19 Var. % 2Q20 Var. % 3Q20 3Q19 Var. % 2Q20 Var. % 3Q20 3Q19 Var. % 2Q20 Var. %
Gross operating revenue 1,365.1 1,453.4 -6.1% 1,131.8 20.6% 754.9 772.7 -2.3% 562.3 34.3% 1,035.5 855.1 21.1% 981.4 5.5% 3,155.5 3,081.2 2.4% 2,675.5 17.9%
Taxes on services (150.9) (159.8) -5.6% (126.3) 19.5% (83.6) (85.5) -2.2% (62.3) 34.2% (38.6) (34.9) 10.6% (36.8) 4.9% (273.1) (280.2) -2.5% (225.4) 21.2%
Net operating revenue 1,214.2 1,293.6 -6.1% 1,005.5 20.8% 671.3 687.2 -2.3% 500.0 34.3% 996.9 820.2 21.5% 944.6 5.5% 2,882.4 2,801.0 2.9% 2,450.1 17.6%
Total cost + expenses (1,050.9) (1,057.5) -0.6% (1,058.7) -0.7% (565.8) (469.1) 20.6% (436.4) 29.7% (1,084.2) (837.1) 29.5% (1,032.3) 5.0% (2,700.9) (2,363.7) 14.3% (2,527.4) 6.9%
Total costs (749.8) (711.6) 5.4% (704.1) 6.5% (442.9) (423.3) 4.6% (366.5) 20.8% (881.1) (707.2) 24.6% (831.8) 5.9% (2,073.8) (1,842.1) 12.6% (1,902.4) 9.0%
Cost of service rendered (606.5) (578.2) 4.9% (546.9) 10.9% (346.0) (326.7) 5.9% (269.6) 28.3% (831.7) (675.1) 23.2% (784.8) 6.0% (1,784.2) (1,580.0) 12.9% (1,601.3) 11.4%
Depreciation and amortization (143.3) (133.4) 7.4% (157.2) -8.8% (96.9) (96.6) 0.3% (96.9) 0.0% (49.4) (32.1) 53.9% (47.0) 5.1% (289.6) (262.1) 10.5% (301.1) -3.8%
Gross income 464.4 582.0 -20.2% 301.4 54.1% 228.4 263.9 -13.5% 133.5 71.1% 115.8 113.0 2.5% 112.8 2.7% 808.6 958.9 -15.7% 547.7 47.6%
Operating expenses (301.1) (345.9) -13.0% (354.6) -15.1% (122.9) (45.8) 168.3% (69.9) 75.8% (203.1) (129.9) 56.4% (200.5) 1.3% (627.1) (521.6) 20.2% (625.0) 0.3%
Personnel (138.6) (136.2) 1.8% (129.7) 6.9% (19.9) (18.0) 10.6% (18.2) 9.3% (47.8) (27.9) 71.3% (32.6) 46.6% (206.3) (182.1) 13.3% (180.5) 14.3%
General and administratives (37.7) (51.7) -27.1% (37.0) 1.9% (7.7) (7.4) 4.1% (7.2) 6.9% (76.7) (28.9) 165.4% (81.9) -6.3% (122.1) (88.0) 38.8% (126.1) -3.2%
Sales and Marketing expenses (28.2) (62.3) -54.7% (39.9) -29.3% 0.1 (0.7) n/a (0.1) n/a (63.3) (59.7) 6.0% (71.1) -11.0% (91.4) (122.7) -25.5% (111.1) -17.7%
Other operating ( Expenses) income, net (91.9) (87.1) 5.5% (143.3) -35.9% (95.0) (19.4) 389.7% (44.0) 115.9% (9.6) (0.8) 1100.0% (6.2) 54.8% (196.5) (107.3) 83.1% (193.5) 1.6%
Depreciation and amortization (4.7) (8.6) -45.3% (4.7) 0.0% (0.4) (0.3) 33.3% (0.4) 0.0% (5.7) (12.6) -54.8% (8.7) -34.5% (10.8) (21.5) -49.8% (13.8) -21.7%
Operating income 161.5 238.9 -32.4% (54.7) n/a 105.5 218.1 -51.6% 63.7 65.6% (87.3) (16.9) 416.6% (87.7) -0.5% 179.7 440.1 -59.2% (78.8) n/a
Equity Interest (1.8) 2.8 n/a (1.5) 20.0% - - n/a - n/a - - n/a - n/a (1.8) 2.8 n/a (1.5) 20.0%
EBITDA 309.5 380.9 -18.7% 107.2 188.7% 202.8 315.0 -35.6% 161.0 26.0% (32.2) 27.8 n/a (32.0) 0.6% 480.0 723.6 -33.7% 236.0 103.4%
EBITDA M argin 25.5% 29.4% -4.0pp 10.7% 14.8pp 30.2% 45.8% -15.6pp 32.2% -2.0pp -3.2% 3.4% -6.6pp -3.4% 0.2pp 16.7% 25.8% -9.2pp 9.6% 7.0pp
Financial income 5.8 103.7 -94.4% 37.2 -84.4% 16.5 32.0 -48.4% 16.7 -1.2% (11.4) (12.7) -10.2% (14.0) -18.6% 10.9 123.0 -91.1% 39.9 -72.7%
Financial revenue 14.2 14.6 -2.7% 11.5 23.5% 16.9 32.8 -48.5% 17.3 -2.3% 10.0 4.7 112.8% 16.8 -40.5% 41.1 52.1 -21.1% 45.6 -9.9%
Financial expenses (66.8) (170.6) -60.8% (92.1) -27.5% (0.4) (0.8) -50.0% (0.6) -33.3% (42.2) (47.7) -11.5% (35.2) 19.9% (109.4) (219.1) -50.1% (127.9) -14.5%
Acquisition of receivables, net 73.8 260.8 -71.7% 133.0 -44.5% - - n/a - n/a 20.8 30.3 -31.4% 4.6 352.2% 94.6 291.1 -67.5% 137.6 -31.3%
Net exchange variation (15.4) (1.1) 1300.0% (15.2) 1.3% - - n/a - n/a - - n/a (0.2) n/a (15.4) (1.1) 1300.0% (15.4) 0.0%
Income before income tax and social contribution 167.3 342.6 -51.2% (17.5) n/a 122.0 250.1 -51.2% 80.4 51.7% (98.7) (29.6) 233.4% (101.7) -2.9% 190.5 563.0 -66.2% (38.9) n/a
Income tax and social contribution (49.8) (80.1) -37.8% (16.1) 209.3% (41.8) (84.8) -50.7% (27.4) 52.6% 26.1 5.0 422.0% 23.5 11.1% (65.5) (159.9) -59.0% (20.0) 227.5%
Current (93.4) (59.1) 58.0% (31.5) 196.5% (77.8) (90.7) -14.2% (15.8) 392.4% 11.6 0.4 2800.0% 9.1 27.5% (159.6) (149.4) 6.8% (38.2) 317.8%
Deferred 43.6 (21.0) n/a 15.4 183.1% 36.0 5.9 510.2% (11.6) n/a 14.4 4.6 213.0% 14.4 0.0% 94.0 (10.5) n/a 18.2 416.5%
Net result n 117.5 262.5 -55.2% (33.6) n/a 80.2 165.3 -51.5% 53.0 51.3% (72.6) (24.6) 195.1% (78.2) -7.2% 125.0 403.1 -69.0% (58.9) n/a
Net margin 9.7% 20.3% -10.6pp -3.3% 13.0pp 11.9% 24.1% -12.1pp 10.6% 1.3pp -7.3% -3.0% -4.3pp -8.3% 1.0pp 4.3% 14.4% -10.1pp -2.4% 6.7pp
Attributed to Cielo 117.5 262.5 -55.2% (33.6) n/a 56.2 115.7 -51.4% 37.1 51.5% (73.2) (25.2) 190.5% (78.6) -6.9% 100.4 352.9 -71.6% (75.2) n/a
Atributted to non Cielo interest - - n/a - n/a 24.0 49.6 -51.6% 15.9 50.9% 0.6 0.6 0.0% 0.4 50.0% 24.6 50.2 -51.0% 16.3 50.9%
Cielo ConsolidatedCielo Brasil Cateno - Accounting value Other Subsidiaries
Net Debt Evolution
25
2014 20192018 2Q202015 2016 2017 1Q20
5,590
13,319
8,707
5,222
7,095
11,24612,122
10,768
3Q20
9,195
Net Debit
1.20.80.6
1.61.51.0
1.6
0.4
1.1
Net Debit*/Ajusted EBITDA
Debt RatioLTM Net Debt/EBITDA ratio adjusted to result from purchases of receivables on September 30, 2020 was 1.1x.
1. Private Debentures: 3.32. Public Debentures: 2.93. Bonds: 2.94. FINEP: 0.1
Total: R$ 9.2bi
Debt Amortization Schedule
26Debt* Amortization Outlook (Principal + Interest)
* Debts amounts consider interest until 09/30/2020.
Total Liquidity* 4Q20
6,393.1
2021 Long Term
23.243.3
9,128.0
CIEL3 performance vs IBOV
27Stock performance (IPO date* = 100)
*06/29/2009
50,00
75,00
100,00
125,00
150,00
175,00
200,00
225,00
250,00
275,00
300,00
325,00
350,00
375,00
400,00
425,00
450,00
475,00
500,00
26-Jun-09 26-Jun-10 26-Jun-11 26-Jun-12 26-Jun-13 26-Jun-14 26-Jun-15 26-Jun-16 26-Jun-17 26-Jun-18 26-Jun-19 26-Jun-20
CIEL3 IBOV
R$4.62
95,056